Expect to see King Charles III banknotes enter circulation this summer

NEW look Bank of England’s banknotes featuring a portrait of King Charles III will enter circulation by mid-2024.

The Bank of England this week unveiled updated versions of the four established polymer banknote denominations – £5, £10, £20 and £50 – all now bearing the King’s likeness on the front, as well as in cameo in the see-through security window, with no other changes to the existing designs.

All polymer banknotes carrying a portrait of HM Queen Elizabeth II remain legal tender, and the Bank has stressed that the public can continue to use these as normal.

In line with guidance from the Royal Household, to minimise the environmental and financial impact of this change, new notes will only be printed to replace worn banknotes and to meet any overall increase in demand for banknotes. Notes featuring HM Queen Elizabeth II and King Charles III will therefore co-circulate.

Bank Governor Andrew Bailey said: “I am very proud that the Bank is releasing the design of our new banknotes which will carry a portrait of King Charles III. This is a significant moment, as The King is only the second monarch to feature on our banknotes. People will be able to use these new notes as they start to enter circulation in 2024.”

The historic figures on the reverse of each note remain unchanged, with Winston Churchill on the rear of the £5, Jane Austen on the £10, JMW Turner on the £20, and Alan Turing on the £50.